Silver hit a new 14-year peak lately as the U.S. dollar weakened amid rising risks of a U.S. government shutdown, as quoted on tradingeconomics. iShares Silver Trust (SLV) has gained about 15.7% over the past month (as of Sept. 26, 2025), outperforming SPDR Gold Trust (GLD) , which has advanced about 9%.Below, we highlight a few reasons that can drive silver up in 2025.Industrial Usage & ESG TransitionSilver is often considered an industrial metal. About half of the metal’s total demand comes from industria ...

银价表现与市场状况 - 银价达到每盎司40美元 创2011年以来最高水平 [1] - 白银市场预计在2025年连续第五年出现供应短缺 [1] - 白银ETF持仓量连续七个月上升 导致伦敦市场可自由获取库存减少 市场持续紧张 [2] 投资产品表现 - iShares Silver Trust (SLV) 年内上涨约37% [2] - SPDR Gold Trust (GLD) 年内上涨约33% [2] - Invesco DB US Dollar Index Bullish Fund (UUP) 年内下跌7.2% 过去一个月下跌0.04% [8] 工业需求驱动因素 - 约50%白银需求来自工业应用 [4] - 2024年白银工业需求增长4% [4] - 太阳能和电动汽车应用推动需求增长 中国上半年太阳能电池出口增长超70% [5] - 全球5G推广对白银需求形成利好 [6] 货币政策影响 - 美联储9月有99.4%概率降息25个基点 [7] - 美元走弱可能提振以美元计价的白银价格 [8] 避险属性与地缘政治 - 白银具备避险属性 但不如黄金显著 [9] - 美印贸易紧张局势升级支撑避险需求 [9] 投资工具选择 - 除iShares Silver Trust (SLV)外 还可关注abrdn Physical Silver Shares ETF (SIVR)和ProShares Ultra Silver (AGQ) [10]